It is important for commercial property owners to keep a close eye on their land. If they have big plans for development, there are many factors that could interfere with operations.
One risk is that of adverse possession which is also known as squatter’s rights. If you are not careful, it could take you by surprise and jeopardize your plans.
What is adverse possession?
Adverse possession is a legal principle that allows someone who does not own a property to gain control of it if they meet certain conditions.
Mississippi law allows adverse possession if another party:
- Occupies the property in question for an uninterrupted period of 10 years
- Pays taxes for the property for two years
- Openly and exclusively uses the property without the owner’s consent
If a party occupying your property fulfills these conditions, it is possible that they may gain ownership of it. They could then use the land for their own purposes.
However, it is possible that parties occupying your property could damage it, build structures or start their own businesses on the land without your knowledge or consent even without the property title.
Adverse possession can sneak up on you and cause significant problems if you have plans to develop your property. It could result in financial losses and boundary disputes.
Preventive measures may help
Even though adverse possession can be sneaky, you do not have to let your property remain at risk. There are strategies that may help you protect your land. Consider:
- Regularly checking up on your property
- Monitoring for any unusual activity
- Building walls and installing signs to make it clear that it is private property
- Demanding that any occupants vacate your property
Your property does not have to fall victim to unknown occupants. By keeping a watchful eye on your land, you may be able to prevent adverse possession.
